Minneapolis-based hashish multistate operator Vireo Progress is buying fellow MSO Planet 13 Holdings in an all-stock merger, extending one of many hashish business’s most aggressive shopping for sprees.
The deal provides 36 dispensaries throughout three states to Vireo’s portfolio.
What does Vireo get within the deal?
“Planet 13 represents one other vital milestone of our disciplined development technique,” Vireo CEO John Mazarakis stated in a press release. “These belongings will deepen our current footprint in Nevada and Florida whereas complementing our creating platform in Illinois.”
In Nevada, Vireo picks up Planet 13’s flagship Las Vegas superstore, a second dispensary, a distribution license and a hashish consumption lounge.
In Florida, the deal provides 33 dispensaries and two cultivation and manufacturing amenities. In Illinois, it will get a single dispensary.
After the deal closes, Vireo expects to function about 265 retail shops and dispensaries throughout 15 states, positioning it as one of many largest U.S. hashish operators by retailer rely.
Below phrases of the settlement, every Planet 13 share will convert into 0.015383618 of a Vireo subordinate voting share, Vireo introduced in a information launch Tuesday.
The worth is a 16.6% premium over Planet 13’s 20-day volume-weighted common value as of July 24 and a 24% premium over its closing value that day.
The transaction requires Planet 13 stockholder approval, a Kind S-4 registration assertion, Canadian Securities Alternate itemizing approval and hashish regulatory clearances.
The settlement features a $1.8 million termination price payable by Planet 13 underneath sure situations.
What else has Vireo acquired lately?
Vireo’s latest acquisition streak contains:
- Schwazze (October): an 86% stake within the Colorado-based operator, acquired by means of its convertible notes for $62 million following a default
- PharmaCann Colorado belongings (December): 17 dispensaries in Colorado for $49 million in inventory
- Eaze (January): 65 retail places throughout California and Florida, plus a supply platform, in a $47 million all-stock deal
- Fluent (April): 74 medical marijuana dispensaries in Florida in a stock-for-debt transaction
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The run started in late 2024 with the acquisition of 4 single-state operators: Deep Roots Harvest in Nevada, The Flowery in Florida, Correct Manufacturers in Missouri and WholesomeCo Hashish in Utah.
Vireo reported 2025 income of $268.7 million, up greater than 250% yr over yr.
